Top Ten Tips to cut your monthly living expenses

Published: 01/12/2015 and written by P Smith

Top Ten Tips to cut your monthly living expenses

Does it seem that every month, not long after payday and as soon as your bills have been paid, you find yourself short of money? From mobile phone bills to energy providers, they are a huge drain on resources and disposable income.

Mr Lender; one of the UK’s leading short-term credit providers has collated a list of top ten tips to show you how easy it is to save money in all areas of your life (if you really want to). We say this because this may take a bit of time, but it will be worth it if you can make changes to save money or get the same thing by paying less. Saving money isn’t just about the obvious car insurance or energy bills – it’s about food bills, cheaper contact lenses or checking your council tax bill. 

top 10 tips to cut monthly costs

Check your tyres

Once a month, stop by a local petrol station that offers free air and check the air pressure in your car tyres. If they aren’t inflated to the optimal PSI, fill each one to the maximum recommended amount as stated in your manual. Every two PSI of air you’re able to add to your tires can improve your fuel mileage by 1%.

Sell stuff on online

Dig through your cupboards and look for items you no longer use that may have value, then sell them on sites such as eBay or Gumtree.

Buy the unbranded products in the supermarket

It may only be 5-10p you are saving but it all adds up. The reality is most branded goods are made in the same factories as the non-branded goods which goes to show there really isn’t much difference in the taste. Don’t be seduced by pretty branding!

Unplug electricals

Are there any electrical devices around your house that are constantly plugged in but you never use? Most devices constantly draw a small amount of electricity, a phantom charge, that can add up quickly when you consider just how many devices and small appliances you own. To eliminate that usage, unplug any items or power strips you use infrequently.

Lower your water heat

The hot water heater is a major drain in most homes, accounting for about 14% of energy costs. Often, the water is kept hotter than most people ever need, plus the heat is constantly lost to the environment, meaning you have to burn more energy than ever to keep the water so hot. Solve both problems by dropping the temperature down to 125-130 degrees Fahrenheit (around 60 degrees Celsius).

Don’t spend all your money in the first few days after payday

In the days immediately after payday people tend to adopt a carefree attitude splurging on clothes, nights out and bigger purchases such as holidays or furniture. Research from the Co-Operative Bank shows that we spend at least £80 in the first 24 hours of being paid, and this rises to £228, or nearly 15% of an average monthly salary, within 48 hours. Skip forward 11 days and the average person has spent £792 – that’s half the average wage packet.

Shop around for home or motor insurance

If you haven’t switched this for a while it might be a good time to get a few quotes. If you can save money it’s well worth switching to another provider — but give your current one a chance to match their quote.

Write a list and plan for the week

One of the easiest ways to save money is to shop when you have a prepared a shopping list. Work out a meal plan for the week and stick to it. When you’re without one, you typically end up making impulse buys and unplanned purchases – all things that cost extra money.

Buy the essentials in bulk

With unperishable items like rubbish bags, detergent, nappies that you use a lot of, buy them in bulk when they are on special offer in the supermarket or online. This cuts down on their cost per usage by quite a bit and, over the long haul, adds up to significant savings.

Washing at a lower temperature will use less electricity.

Wash on a short wash at 30ºC rather than 40ºC can save you a third of the cost to run the cycle. Also if you can, save up your washing so you wash full loads; having to run your machine less frequently will also benefit you in the long term.

Mr Lender is a leading  short term credit provider in the UK. We help people out of short term financial difficulty by providing loans of up to £1,000 that are repaid over 6 months.
Warning: Late repayment can cause you serious money problems.  For help go to